It's unmistakably calling back to the Gerudo tribe. In fact, it's the gerudo symbol. Any argument otherwise is either ignorance about the Zelda saga or denial.
Oh shit, you've got me there. Confidence shattered.
That makes me completely reconsider it now. You should've taken me up on my willingness to bet before posting that - you would've potentially won that one. I ain't bettin' shit now.
It's possible that Majora was a member of the Gerudo tribe, as the story about specifically where Majora's Mask originated is ambiguous. The design of the Crest of the Gerudo (as seen in the second screenshot above) and Majora's Mask are undeniably similar, still, so it's possible that this is still connected.
However, now I'm wondering if that's not the body of Ganondorf.